Boca Raton Bankruptcy Attorney

If you need a qualified Boca Raton bankruptcy attorney, Brian K. McMahon, P.A, is a trustworthy advocate who can help determine your best course of action.

Attorney McMahon opened this law firm in 1999 to better serve his community in many areas, including family and personal injury law. For the past twenty (20) years, he has offered legal counsel on bankruptcy law to individuals and businesses in Boca Raton.

He provides sound legal guidance on multiple types of bankruptcy filings, including:

1  Chapter 7

2  Chapter 11

3  Chapter 13

Which type of filing you need will depend on a variety of factors, including your debt amount and income level. Work with Attorney McMahon today and receive legal advice to safeguard your financial future.

Chapter 7 Bankruptcy in Boca Raton

Chapter 7 bankruptcy occurs when you lack the financial means to pay off your debt. You go before the bankruptcy court to declare that your assets are insufficient to clear your debts.

To prove your status to the court and the bankruptcy trustee, you must provide a “schedule” of:

1  Assets and liabilities

2  Income and expenses

3  Debt

4  A financial statement

Chapter 7 effectively serves as a liquidation process of your assets, frequently occurring in cases involving high amounts of credit card debt.
Although you must list all personal property (i.e., a car and house) as part of this process, the law allows you to carve out exemptions for certain kinds or amounts of personal property. Exemptions are not identical in all states, but they serve the same purpose. Trustees and creditors cannot seize these assets from you during the bankruptcy process.
In the state of Florida, these exemptions include:

1  Up to $1,000 if you are a homeowner

2  Up to $4,000 if you are not a homeowner

3  Up to $1,000 in car equity

In terms of filings, Chapter 7 generally remains more straightforward than Chapter 13, though it can become more complicated if trustees put up any roadblocks along the way.

Chapter 13 Bankruptcy in Boca Raton

For Chapter 7 and Chapter 13 filings, the law requires that a bankruptcy trustee be appointed to oversee the bankruptcy estate, which serves as a legal entity representing the debtor’s property.

Bankruptcy trustees typically manage the following:

1 Collect assets

2 Investigate financial transfers and records

3 Verify the truthfulness of bankruptcy statements

4 Scrutinize eligibility for bankruptcy

Chapter 13 bankruptcy in Boca Raton refers to a type of “wage earners” bankruptcy where your income level determines whether you are eligible to file.
Common reasons why you may file for Chapter 13 bankruptcy include:

1 Earning more than the median income ($74,000 for a family of four in Florida)

2 Falling behind on your mortgage payments

3 Needing to protect assets not covered under the state’s list of exemptions

Many people harbor the false notion that you have to pay back all your debt during Chapter 13 bankruptcy, but that is untrue. Based on your income and assets, you pay for what you can afford. Attorney McMahon brings years of experience in helping clients outline a payment schedule for Chapter 13 bankruptcy.

Chapter 11 Bankruptcy in Boca Raton

Chapter 11 filings in Boca Raton proves to be a complicated legal, mental, and financial undertaking. Therefore, you will need to hire a bankruptcy attorney up to the task. Attorney McMahon has the necessary qualifications to handle a Chapter 11 bankruptcy.

Chapter 11 may be the only thing capable of saving your business, depending on the circumstances. You should file for Chapter 11 when your personal or company debt level becomes exceedingly high.

Chapter 11 classifies as “reorganization bankruptcy” under the law. Effectively, you reorganize or restructure the debt in your company. This restructuring lets your company take a breath and reassess its financial future.

This situation may also apply to individuals with multiple investment properties.

Should I File for Bankruptcy?

 It is common to file for bankruptcy under the following circumstances:

1 Losing your job

2 Accruing medical debt

3 Facing a pending divorce settlement

4 Accumulating credit card debt

5 Withdrawing from your 401(k) to pay down debt

If the bankruptcy process is new to you, you may be at a loss about how to proceed. You may wonder if it’s worth the legal battle to file for bankruptcy. Indeed, filing for bankruptcy may not always be the right move. You may find that the better option lies in debt consolidation, strict budgeting, or debt management.

The only way to determine if you should file for bankruptcy is to honestly take stock of your debts, current and future assets, and income levels.

Why Do I Need a Bankruptcy Lawyer?

Our firm knows that filing for bankruptcy may be one of the most challenging things you will ever do. You should not do it alone. You need a bankruptcy attorney in Boca Raton to help you determine if you should file for bankruptcy, and if so, which chapter to file.

 A skilled Boca Raton bankruptcy lawyer like Attorney McMahon can also save you the headache of dealing with the paperwork on your own. He brings years of experience that will make your dealings with bankruptcy trustees much easier.

Contact our Boca Raton office today to secure the legal representation you need:

Get Your Finances Back in Order

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1401 Forum Way, Suite 600,
West Palm Beach, FL 33401
(561) 296-3965

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1660 St Lucie W Blvd, #300-A,
Port St. Lucie, FL 34986
(772) 878-3880

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21458 Summertrace Cir, Boca Raton, FL 33428

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